The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities +] Equity %3D Common Stock Accounts Accounts Cash Dividends Revenue Expenses %3D Receivable Payable a. %3D b. %3D Bal. %3D C. %3D Bal. %3D %3D d. Bal. %3! %3D e. Bal. %3D +++ +++ +++
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities +] Equity %3D Common Stock Accounts Accounts Cash Dividends Revenue Expenses %3D Receivable Payable a. %3D b. %3D Bal. %3D C. %3D Bal. %3D %3D d. Bal. %3! %3D e. Bal. %3D +++ +++ +++
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $5,500 cash earned.
b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
c. The company paid an assistant $1,400 cash as wages for the period.
d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $700 cash for this period's cleaning services.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
minus sign.)
Assets
Liabilities
Equity
%3D
+]
Accounts
Accounts
Common
Cash
Dividends
Revenue
Expenses
%3D
+]
Receivable
Payable
Stock
a.
+
%3D
b.
%3D
Bal.
%3D
%3D
C.
Bal.
%3D
d.
!!
Bal.
%3D
%3!
e.
Bal.
< Prev
9 of 13
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++++ +
++++
+ + +](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F921e2b40-68bd-4c49-9f0b-117c05d106ba%2F666eb29e-d93f-4527-b59f-5b44d8a05288%2Fwedsyrl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $5,500 cash earned.
b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
c. The company paid an assistant $1,400 cash as wages for the period.
d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $700 cash for this period's cleaning services.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
minus sign.)
Assets
Liabilities
Equity
%3D
+]
Accounts
Accounts
Common
Cash
Dividends
Revenue
Expenses
%3D
+]
Receivable
Payable
Stock
a.
+
%3D
b.
%3D
Bal.
%3D
%3D
C.
Bal.
%3D
d.
!!
Bal.
%3D
%3!
e.
Bal.
< Prev
9 of 13
Next >
++++ +
++++
+ + +
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